Singapore’s Core Inflation Slips to 0.6 Percent in May
(MENAFN) Singapore’s core inflation rate decelerated to 0.6 percent year-on-year in May, down from 0.7 percent in April, according to official figures released on Monday.
The Ministry of Trade and Industry and the Monetary Authority of Singapore jointly explained that the easing was mainly driven by a drop in food inflation.
On a monthly basis, the core Consumer Price Index (CPI) showed no growth in May. This core CPI metric excludes costs related to private transport and accommodation to better reflect inflation caused by demand factors.
Overall inflation also experienced a slight reduction, sliding to 0.8 percent year-on-year in May from 0.9 percent in April. The joint statement highlighted that this decline was influenced by lower inflation in private transport as well as the slowdown in core inflation.
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